EOS Raises $700 Million Despite Token Affording No 'Rights, Uses, Purpose, or Features'

Block.one's EOS ICO has raised approximately $700 million USD, despite EOS' FAQ page clearly stating that token-holders will not be afforded any rights or functions. The token sale currently comprises the largest ICO to date, with the company anticipating a launch in June 2018.

EOS’ Year-Long ICO Raises Roughly $700 Million USD So Far

At the end of October, Brock Pierce stated that EOS's 345 day ICO had 'almost' raised $700 million USD during a discussion at Launch Scale 2017, adding that the company is currently selling 2 million tokens daily. According to the Wall Street Journal, the figure is larger than that raised by 'all but 10 of the 195 U.S. initial public offerings this year.'

The funds generated make the EOS ICO the largest ever, and coupled with accelerating bullish momentum during December, EOS has come to comprise the tenth largest cryptocurrency by market capitalization – boasting a total market cap of approximately $6.75 billion USD as of this writing. Mr. Pierce recently expressed his expectation that the ICO will raise 'at least a couple' of billion USD before EOS' development will occur.

Block.one Will Be Allocated 10% of the Total Token Supply

According to The Wall Street Journal, many investors are choosing to disregard the lack of legal rights afforded by the EOS tokens, viewing such as likely to be no more than a benign necessity in order for the company to protect itself in the current climate of regulatory ambiguity surrounding the legal status of cryptocurrency startups. Matthew Roszak, an early investor in Block.one, has defended the EOS terms of service, stating: 'I don't think it's fair reading into that language too tightly,' emphasizing his view that the 'regulatory environment is as clear as mud.' Other Block.one investors have been more cautious in their assessments of the EOS ICO, with Agentic Group's founder, Rik Willard, suggesting that the surging demand for EOS tokens is indicative of the current 'frenzy' surrounding cryptocurrency technology.

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The post EOS Raises $700 Million Despite Token Affording No “Rights, Uses, Purpose, or Features” appeared first on Bitcoin News.


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